Thomas Kahn Quotes
101 Thomas Kahn Quotes
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[In August 2011 on his father Irving Kahn at 105.] Irving’s a funny guy. He doesn’t play golf, there’s no weekend house, no country-club membership.
Thomas Kahn
[In August 2011 on being convinced that the stock market is keeping his father alive.] I get a kick out of seeing who’s going to come out ahead in this race.
Thomas Kahn
[In November 2011 on his father (
Irving Kahn) still working at age 105 when Thomas is 69 but his father only working around ten o’clock and ends by three o’clock which often includes having a nice bowl of soup.] It’s not like we have so many employees we can afford to have him shluf off.
Thomas Kahn
[In November 2011 on studies of his father’s longevity at age 106 to find out what keeps him going. Tom himself is a widower recently remarried.] Would you really want to know if you have a predisposition for your penis falling off unless there were ‘some kind of split’ you could get to repair it?
Thomas Kahn
[In November 2011 on his father’s lifelong eating habits.] Lamb chops one night, steak the next.
Thomas Kahn
[In November 2011 on his father being 106 and his hope that his father.] Can live for another five, ten years, something like that.
Thomas Kahn
[In September 2014.] Ben Graham was very important to us, but he had a more formulistic approach than we do. We also think management is extremely important. We prefer to eyeball the CEO and take a read on his character.
Thomas Kahn
[In September 2014.] The obsession with earnings results is crazy. Does a company beat the number it helped make up? Who cares? The important question is, ‘Do you have a good captain and is he steering the company in the right direction?’
Thomas Kahn
[In September 2014 at the age of 71.] I have no plans to retire, but I’d like to work less and travel more.
Thomas Kahn
Kahn Brothers employs a bottom-up stock selection approach, and invests in undervalued equity securities that are usually out-of-favor in the market.
Thomas Kahn
We select securities, one at a time, based on asset valuations, operating performance metrics and long-term fundamental business prospects.
Thomas Kahn
Unlike many investment managers, we spend a considerable amount of effort evaluating the downside risk of every investment.
Thomas Kahn
If there are very few values to be found in a given period, we are comfortable holding cash, rather than placing money in speculative, overpriced issues.
Thomas Kahn
We will not invest in an overpriced market simply to become fully invested but will patiently wait for attractive situations to present themselves.
Thomas Kahn
Kahn Brothers thinks of a portfolio as an orchard of fruit trees. One cannot expect fruit every year from each species of tree. Investments can and often do have varied and unpredictable timetables to maturity. We believe a suitable time horizon for investment fruit to ripen for harvest can be three to five years or longer. Indeed, a key factor in realizing outstanding performance is having the discipline and patience to maintain time-tested principles and not abandon the orchard before the fruit has ripened.
Thomas Kahn
Kahn Brothers views the investment process as a combination of art and science. Each investment decision has both quantitative and qualitative aspects. While a novice can readily duplicate the former, the latter can only be acquired after decades of analyzing investment opportunities.
Thomas Kahn
We invest in industries and businesses that we understand, focusing on depressed economic sectors, rather than the popular industries of the day.
Thomas Kahn
We often concentrate on small and medium capitalization stocks. Such securities may be traded in the less liquid over-the counter market. These companies frequently have a lesser following among security analysts and institutional investors. Small institutional ownership increases the likelihood of inefficient pricing, which helps create bargain opportunities.
Thomas Kahn
We prefer a company whose management holds a meaningful stake in the growth of the business and will protect their own, as well as the shareholders’ interests. We are less comfortable with situations in which management has aggressive compensation packages, little financial risk and nominal ownership interest.
Thomas Kahn
Companies with depressed earnings are more likely to be under-priced in the market.
Thomas Kahn
We study companies and try to find undervalued securities... We're absolute value investors focusing on asset values, book value discounts and low price to earnings ratios to normalized earnings. And we aren't interested in so-called relative values - you know, something selling at 20 times earnings in an industry group with a 35 multiple.
Thomas Kahn
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